DIFFERENT LEGISLATIONS REGARDING OPAs

An analysis was made of then effect of the Tender Offer Law in Chile, and of the related situation of five countries with a more developed market than the Chilean one, reaching the conclusion that in order to successfully implement a Tender Offer Law it is necessary to bear in mind that the problem is not solved by establishing standards that regulate transactions,but by creating instances that contribute to a more dynamic and efficient market. In addition,there should exist a balance between protection of the minority stockholder and competition for corporate control. Finally, we can conclude that there is evidence that the Tender Offer Law has depressed the Stock Exchange.Tender Offer, Tender Offer Law andTender Offer System Law.

The effect of dividend distribution on share return in Chile.

Numerous studies relating to the field of dividends have been carried out over the past twenty-seven years. The objective of this paper is to contrast it with the Barclay study (1987) and to complement the Venkatesh paper (1989). This piece of research concludes that, contrary to Barclay’s findings, on their postclosure date, share returns in Chile do not fall in the amount of their dividend, owing to the fact that in this country the effect depends on the type of dividend. Finally, and as a complement to the Venkatesh study, it was determined that the average volatility of the twenty-five days prior to closure is lower than that evinced in the twenty-five days after closure.Dividend; Clientele Effect; CutoffDate; Dividend and Capital Gain.

Breve Diccionario Ejemplificado de Americanismos

BRIAN STEELBreve Diccionario Ejemplificado de Americanismos(Madrid: Editorial Arco Libros, 1999; 288 pp.)Un nuevo diccionario de americanismos sale a la luz. Se trata del Breve DiccionarioEjemplificado de Americanismos (BDEA en adelante) de Brian Steel. Posee una estructura nada simple: A manera de preliminares consta de un Prólogo (IX-X), una tabla de Símbolos, abreviaturas y acrónimos utilizados (XI-XII), unos Agradecimientos y observaciones (XIII-XIV) y una Nota sobre dificultades y problemas (XV-XVI)